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    jneylan's Avatar
    jneylan Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 29, 2006, 10:39 PM
    Fica
    Hi,
    My wife is a realtor and doesn't have any taxes withheld and I'm not sure how/where to remit FICA and medicare taxes. Can anyone help?
    Thanks and Happy New Year.
    John
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Dec 29, 2006, 11:03 PM
    You do it all when your file your income tax. Self employed people, depending on their income need to be filing quarterly reports.
    This will be the self employment tax and of course is at the full 15 percent not the 7.5 of employed people, since their company pays the difference.

    Hire a good tax accountant to do your taxes, they will show you and inform you of all the taxes you owe.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Dec 30, 2006, 09:15 AM
    Fr. Chuck has it right.

    Real estate agents are considered independent contractors and must report their income (and their expenses) on Schedule C.

    The net income from Schedule C is then transferred to Schedule SE to compute the self-employment taxes. There is a small exemption (about $00), then every dollar thereafter is taxes at 15.3%.

    If you need tax help (STRONGLY recommended), I am available. You can contact me at [email protected] to discuss the details.
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